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Business Plan for Ultrasound

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This Business Plan for an Ultrasound company allows entrepreneurs or business owners to create a comprehensive and professional business plan. This template form allows a business to outline the company's objectives and detail both current company information as well as any past performance. Companies should include a complete market analysis in their plan to help showcase why their business strategy will be effective in the market. Future company plans, including production targets, management strategy, and financial forecasting, should be used to demonstrate and confirm that the company's short-term and long-term objective can and will be met. This model plan can be customized to best fit the unique needs of any entrepreneur or owner that is seeking to create a strong business plan.

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									Business Plan for Ultrasound
This Business Plan for an Ultrasound company allows entrepreneurs or business
owners to create a comprehensive and professional business plan. This template form
allows a business to outline the company's objectives and detail both current company
information as well as any past performance. Companies should include a complete
market analysis in their plan to help showcase why their business strategy will be
effective in the market. Future company plans, including production targets,
management strategy, and financial forecasting, should be used to demonstrate and
confirm that the company's short-term and long-term objective can and will be met. This
model plan can be customized to best fit the unique needs of any entrepreneur or owner
that is seeking to create a strong business plan.
                                     [INSERT IMAGE/LOGO]


                                 COMPANY NAME



                                [ADDRESS & CONTACT INFO]




                                  BUSINESS PLAN




© Copyright 2012 Docstoc Inc.                              1
                                                        Confidentiality Agreement

The undersigned reader acknowledges that the information provided by COMPANY NAME in this business plan is confidential; therefore,
reader agrees not to disclose it without the express written permission of COMPANY NAME.

It is acknowledged by reader that information to be furnished in this business plan is in all respects confidential in nature, other than
information which is in the public domain through other means and that any disclosure or use of same by reader may cause serious harm
or damage to COMPANY NAME.

Upon request, this document is to be immediately returned to COMPANY NAME.




___________________
Signature

___________________
Name (typed or printed)

___________________
Date




                                    This is a business plan. It does not imply an offering of securities.




© Copyright 2012 Docstoc Inc.                                                                                   2
                                                                  Table of Contents



1.0 Executive Summary...................................................................................................................................1
   1.1 Objectives.............................................................................................................................................2
   1.2 Mission.................................................................................................................................................2
   1.3 Keys to Success....................................................................................................................................2
2.0 Company Summary...................................................................................................................................2
   2.1 Company Ownership .............................................................................................................................3
   2.2 Start-up Summary .................................................................................................................................3
      Table: Start-up........................................................................................................................................3
3.0 Services ...................................................................................................................................................4
4.0 Market Analysis Summary..........................................................................................................................4
   4.1 Market Segmentation.............................................................................................................................6
      Table: Market Analysis ............................................................................................................................6
   4.2 Target Market Segment Strategy ............................................................................................................6
   4.3 Service Business Analysis......................................................................................................................7
      4.3.1 Competition and Buying Patterns .....................................................................................................7
5.0 Strategy and Implementation Summary .......................................................................................................7
   5.2 Marketing Strategy ................................................................................................................................8
   5.3 Sales Strategy.......................................................................................................................................8
      5.3.1 Sales Forecast ...............................................................................................................................8
         Table: Sales Forecast .........................................................................................................................8
   5.4 Milestones ..........................................................................................................................................10
      Table: Milestones..................................................................................................................................10
6.0 Management Summary............................................................................................................................10
   6.1 Personnel Plan....................................................................................................................................10
      Table: Personnel...................................................................................................................................10
7.0 Financial Plan .........................................................................................................................................11
   7.1 Start-up Funding .................................................................................................................................11
      Table: Start-up Funding.........................................................................................................................11
   7.2 Important Assumptions ........................................................................................................................12
   7.3 Break-even Analysis ............................................................................................................................12
      Table: Break-even Analysis ...................................................................................................................12
   7.4 Projected Profit and Loss .....................................................................................................................14
      Table: Profit and Loss ...........................................................................................................................14
   7.5 Projected Cash Flow............................................................................................................................17
      Table: Cash Flow..................................................................................................................................17
   7.6 Projected Balance Sheet......................................................................................................................19
      Table: Balance Sheet ............................................................................................................................19
   7.7 Business Ratios ..................................................................................................................................20

APPENDIX
Table: Personnel ..........................................................................................................................................1
Table: Profit and Loss..................................................................................................................................2




                                                                                                                                                      Page 1
                                        COMPANY NAME BUSINESS PLAN 2010


1.0 Executive Summary

    COMPANY NAME is a non-diagnostic, non-medical procedure for client's enjoyment only. The client does not need a prescription or
    referral from their doctor; however the company will require that the client is currently visiting a doctor for prenatal care COMPANY
    NAME will recommend that clients inform their medical providers of their decision to receive a 3D/4D sonogram.


    The purpose of this business plan is to illustrate the need for start-up funding from the parent company. The Company is owned by
    INSERT NAME (51%) and INSERT NAME (49%).

    The funds awarded will be used for start-up costs, including but not limited to an ultrasound machine, initial staffing requirements,
    office equipment and supplies and an aggressive advertising campaign.




                                        Highlights

     $240,000

     $210,000

     $180,000

                                                                                                  Sales
     $150,000
                                                                                                  Gross Margin
     $120,000
                                                                                                  Net Profit
      $90,000

      $60,000

      $30,000

            $0
                          2010                   2011                    2012




                                                                                  4.0 Market Analysis Summary 1
                                         COMPANY NAME BUSINESS PLAN 2010


1.1 Objectives

    COMPANY NAME objective is to a build quality service that provides high quality ultrasound images that are preserved so
    that expectant mothers' precious time can be enjoyed always and shared with friends and family.

    The company's goals include:

    1.   To provide a memorable experience that is documented and preserved for expectant parents and families.
    2.   To provide information on the sex of the baby within the womb so that families can plan accordingly for a boy or a girl.
    3.   To provide a service to the U.S. State of Montana for families that at this time does not exist. Many families travel across country
         or outside of the state for the same services that are currently no offered in their immediate area.

    COMPANY NAME fundamental objective is to realize how it can impact the community that the company does business in, knowing
    that COMPANY NAME will stand the test of time if the local residents approve and support the center.

1.2 Mission

    The sole purpose for COMPANY NAME is to establish a profitable and well managed company while at the same time creating an
    atmosphere of fun and excitement for the entire family expecting a new addition to the family with an end product designed to
    please the family’s local residents as well as families that reside in the surrounding areas.

1.3 Keys to Success

    Keys to success for COMPANY NAME will include:

    1.   Maintaining a reputable and untarnished reputation in the community.
    2.   To provide gender verification if my clientele wants it.
    3.   To provide exceptional service to expectant parents/families,
    4.   To provide a 4D ultrasound session that gives mothers, fathers and family members a unique opportunity to bond with the baby
         by seeing ultrasound images that technology in the past could not provide.
    5.   To provide 3-4 new jobs, therefore stimulating the local economy.

2.0 Company Summary

    COMPANY NAME will offer 3D/4D ultrasound images of unborn children in the sense photography. If expecting parents want to know
    the sex of their unborn child, COMPANY NAME will be able to determine this for clients. The ultrasound imaging is non-invasive and
    non-diagnostic, for entertainment purposes only and provides a truly unique way for expectant parents/ families to bond and see their
    unborn child. The company feels the name of the business will sell its self as well as tell the consumer what exactly what is being
    offering.

    Currently there is not any competition for COMPANY NAME No other company or service in the State of Montana is currently offering
    this service. COMPANY NAME will be the best because the company will have the newest equipment available as well as employees
    that will be trained and would have worked in this field before.

    COMPANY NAME is a non-diagnostic, non-medical procedure for client's enjoyment only. The client does not need a prescription or
    referral from their doctor; however the company will require that the client is currently visiting a doctor for prenatal care COMPANY
    NAME will recommend that clients inform their medical providers of their decision to receive a 3D/4D sonogram.

    The owners are INSERT NAME. INSERT NAME has two children of her own and came across a quandary when the two were
    expecting. She too wanted to utilize a service such as this but none was available in the near vicinity. Therefore, she traveled to
    Southern California in order to have her needs fulfilled. There are services in California for gender identification, bonding and images
    of an unborn child, but not in the State of Montana. COMPANY NAME seeks to make that service readily available in the company's
    demographic area.


                                                                                    4.0 Market Analysis Summary 2
                                       COMPANY NAME BUSINESS PLAN 2010


2.1 Company Ownership

    COMPANY NAME is an S Corporation organized in the state of Montana. The two owners are INSERT NAME (51%) and INSERT
    NAME (49%).

2.2 Start-up Summary

    The company founders, INSERT NAME, will handle day-to-day operations of the business and will work collaboratively with their
    employees to ensure that this business venture is a success.

    It is estimated that the start-up costs will be $340,000 (including legal costs, advertising, equipment, and ultrasound machine and
    other related expenses). Once the parent company receives the requested grant funding amount, a portion will be applied to the
    start-up costs.

Table: Start-up

Start-up

Requirements

Start-up Expenses
Utilities                                                                                                      $5,000
Advertising                                                                                                   $75,000
Phone/Fax                                                                                                      $5,000
Insurance                                                                                                     $20,000
Legal                                                                                                          $8,000
Office Supplies                                                                                               $10,000
Repairs and Maintenance                                                                                        $2,000
Web Design                                                                                                    $10,000
Inventory                                                                                                      $5,000
Travel Expense                                                                                                 $5,000
Auto/Truck Expense                                                                                            $20,000
Total Start-up Expenses                                                                                      $165,000

Start-up Assets
Cash Required                                                                                                 $20,000
Other Current Assets                                                                                          $30,000
Long-term Assets                                                                                             $125,000
Total Assets                                                                                                 $175,000

Total Requirements                                                                                           $340,000




                                                                                 4.0 Market Analysis Summary 3
                                         COMPANY NAME BUSINESS PLAN 2010



                                                        Start-up


      $320,000

      $280,000

      $240,000

      $200,000

      $160,000

      $120,000

       $80,000

       $40,000

               $0
                       Expenses                Assets              Investment                Loans



3.0 Services

    INSERT NAME will provide a voluntary, non-intrusive, non-diagnostic videotaped 4D ultrasound to facilitate parent bonding and this is
    for sentimental purposes only. 4D Ultrasound videos and 3D ultrasound pictures are not for use in medical analysis and/or physical
    diagnosis. COMPANY NAME does not give fetal measurements, will not establish or give an opinion on gestational week or due
    dates, will not establish fetal heart rate, and will not give any physical diagnosis regarding a pregnancy or fetus or viability of same.
    COMPANY NAME seeks to provide a service where the family can bond with the baby while still in the womb and determine the
    gender of the child for planning purposes if the client so desires.

4.0 Market Analysis Summary

    Compared to the traditional 2-D images, the 3-D portraits and videos offer much more detail of the fetuses' features, such as the face,
    fingers, toes, heart, and genitals. They also promise to highlight endearing womb activity such as yawns, winks, kicks, rubbing of
    noses, and thumb sucking.

    As of the census of 2000, there were 67,831 people, 26,323 households, and 16,188 families residing in the county. The population
    density was 26 people per square mile (10/km²). There were 29,489 housing units at an average density of 11 per square mile
    (4/km²). The racial makeup of the county was:

         96.20% White
         0.23% Black or African American
         0.88% Native American
         0.89% Asian
         0.06% Pacific Islander
         0.54% from other races
         1.19% from two or more races

    1.54% of the population was Hispanic or Latino of any race. 23.7% were of German, 11.2% Irish, 10.4% English, 9.0% Norwegian and
    5.5% American ancestry according to Census 2000. There were 26,323 households out of which 29.70% had children under the age
    of 18 living with them, 51.80% were married couples living together, 6.60% had a female householder with no husband present, and
    38.50% were non-families. 24.10% of all households were made up of individuals and 5.70% had someone living alone who was 65
    years of age or older. The average household size was 2.46 and the average family size was 2.94. In the county the population was
    spread out with 22.00% under the age of 18, 18.50% from 18 to 24, 30.40% from 25 to 44, 20.60% from 45 to 64, and 8.50% who

                                                                                    4.0 Market Analysis Summary 4
                                     COMPANY NAME BUSINESS PLAN 2010


were 65 years of age or older. The median age was 31 years. For every 100 females there were 108.30 males. For every 100 females
age 18 and over, there were 108.70 males. The median income for a household in the county was $38,120, and the median income
for a family was $46,639. Males had a median income of $30,866 versus $21,330 for females. The per capita income for the county
was $19,074. About 6.30% of families and 12.80% of the population were below the poverty line, including 10.50% of those under age
18 and 5.60% of that age 65 or over.

As is easily concluded, synthetic lawn prices for installation are negligible compared to the lifetime return on your investment.
Synthetic grass is an application that pays for itself. To add to the cost savings, a number of municipal water districts offer
credits/rebates for the installation of synthetic lawn at customer's homes.

In the second year, Big Sky Synthetic Lawns, Inc. will expand service beyond the county of Gallatin to the neighboring counties in the
state of Montana.

Keepsake ultrasounds have become so popular that dozens of sites have opened up nationwide. The centers have names such as
Little Sprout Imaging, Baby Insight, Peekaboobaby, and First Look Sonogram.
One company, Fetal Fotos, has branches in 22 states. Another firm, 3DBabyVu, has four locations in the San Francisco Bay Area and
claims to perform up to 200 screenings per site each month.

The FDA and several medical organizations such as the American Institute of Ultrasound in Medicine (AIUM) have come out against
the so-called entertainment sonograms, citing potential health hazards with non-medically justified ultrasound energy and possible
misinterpretation of sonograms by patients and unskilled personnel.

The FDA considers it illegal for anyone to promote, sell, or lease ultrasound equipment for the purpose of making keepsake fetal
videos, particularly if there is no medical prescription.

The official disapprovals have apparently not swayed some doctors and patients. The diverse makeup of each keepsake ultrasound
business makes it difficult for the FDA to take action. In the past, officials have sent warning letters to rule breakers and seized
equipment.

According to the AIUM, diagnostic ultrasound has been around since the late 1950s. Since its use, there has been no significant
evidence showing imaging harms patients or operators.

"People seem to love it, some fathers are 'Wow!'" the owner of Fetal Fotos in Meridian, Scot Halladay said. "It's a great experience for
the fathers, and some of them get pretty emotional. Often they don't feel part of the pregnancy until they see an actual baby in there."

Halladay said his franchise covers all of Idaho. People travel to his shop from as far away as Mountain Home, Twin Falls, eastern
Oregon and McCall. Tourists pass through from the Midwest. He estimated that his shop performs between 30 and 50 ultrasounds per
month, and is hoping for more. Halladay said that a majority of obstetricians remain unaware of the business, or see it as competition,
while others refer their patients directly to him.

For an example, medical ultrasounds usually cost around $160 to $280. Fetal Fotos offers packages ranging from basic pregnancy
verification without gender determination at $50, to 4-D videos at $175 per session, including DVD and color prints.

COMPANY NAME currently does not have any competitors in the vicinity and also has plans to expand to a franchise chain
eventually, filling the hole in the market in Montana and surrounding areas in that part of the country.




                                                                                4.0 Market Analysis Summary 5
                                          COMPANY NAME BUSINESS PLAN 2010


4.1 Market Segmentation

    COMPANY NAME has a focus on meeting the local need for ultrasound portrait services within the US State of Montana.

    Expectant Parents

    The company wants to establish a significantly large client base in order to establish a healthy, consistent revenue base to ensure
    stability of the business. Customer relations are extremely important; as it is imperative to keep expectant parents pleased in order for
    receive word-of-mouth referrals.

    Families of Expectant Parents

    COMPANY NAME services would also make a great gift from family members to expectant parents.

Table: Market Analysis

Market Analysis
                                            2010         2011            2012           2013            2014
Potential Customers              Growth                                                                                   CAGR
Expecting Parents                   5%        584,993         614,243        644,955         677,203        711,063       5.00%
Families of Expecting Parents       5%        389,996         409,496        429,971         451,470        474,044       5.00%
Total                            5.00%        974,989       1,023,739      1,074,926       1,128,673      1,185,107       5.00%




                         Market Analysis (Pie)




                                                                                  Expecting Parents

                                                                                  Families of Expecting Parents




4.2 Target Market Segment Strategy

    The target market for COMPANY NAME is expectant couples. Referral marketing is the key type of marketing strategy utilized in
    addition to a distinct online presence. Maintaining and further enhancing the company's reputation in the community is crucial to
    gaining additional market share of this target market.



                                                                                    4.0 Market Analysis Summary 6
                                        COMPANY NAME BUSINESS PLAN 2010


4.3 Service Business Analysis

    The ultrasound portrait industry is lucrative, as mentioned before. There are currently not any centers that provide quality ultrasound
    portraits and video for expecting parents in the same area as COMPANY NAME. The ultrasound portrait industry is split between
    large, commercially-run centers and smaller, locally-owned centers, but not in the state of Montana. COMPANY NAME will not have
    to compete with any other like business in the vicinity. There are other services in far outlying areas and this is where the main
    competition lies. The company is confident that this will be a successful venture because of the quality of its managers and the
    capability of its Care Staff, which is mentioned in more detail in the Personnel section.

4.3.1 Competition and Buying Patterns

    The main competitors in the ultrasound portrait and video industries are Fetal Fotos, and franchise company in the state of Idaho, and
    Picture and Angel, a company located in Lake Forest, California. They both offer the same services that COMPANY NAME will offer;
    however they do not reach the company's demographic.

5.0 Strategy and Implementation Summary

    The goals of COMPANY NAME. is to provide 3-4 new jobs immediately, stimulate the local and state economy and in the future
    branch out and offer these high quality services in other cities in Montana, creating even more jobs COMPANY NAME will offer the
    highest in quality and the most positive experience for expectant parents/families.

    COMPANY NAME will be creating a website, advertising on TV commercials, broadcasting radio ads and advertising in the phone
    book. As previously mentioned, the company feels the name of the business will sell its self as well as tell the consumer what
    exactly COMPANY NAME. is offering. Customers will either find the location on the internet or by advertisements and call and
    schedule an ultrasound appointment accordingly. There is virtually no competition for COMPANY NAME as no other company in the
    State of Montana is offering this service.

    COMPANY NAME will provide a voluntary, non-intrusive, non-diagnostic videotaped 4D ultrasound to facilitate parent bonding and
    this is for sentimental purposes only. 4D Ultrasound videos and 3D ultrasound pictures are not for use in medical analysis and/or
    physical diagnosis. COMPANY NAME does not give fetal measurements, will not establish or give an opinion on gestational week or
    due dates, will not establish fetal heart rate, and will not give any physical diagnosis regarding a pregnancy or fetus or viability of
    same. COMPANY NAME seeks to provide a service where the family can bond with the baby while still in the womb and determine
    the gender of the child for planning purposes if the client so desires.

     5.1 Competitive Edge
    The company seeks to establish a competitive edge in its new target market segment by increasing the level of customer contact and
    service that other competitors seem to oftentimes lack. Additionally, COMPANY NAME possesses the necessary skills to produce the
    high quality products that are needed in this field. The establishment of the previously mentioned work processes that will ensure
    greater service will strengthen the contacts that promote word of mouth marketing and networking.

    As previously mentioned, COMPANY NAME will be the only such business operating in the entire State of Montana.




                                                                                   4.0 Market Analysis Summary 7
                                          COMPANY NAME BUSINESS PLAN 2010


5.2 Marketing Strategy

     An overview of the marketing plan includes:

     • Flyers

     • Local television commercial advertising

     • Local telephone book advertising

     • Website and online presence

     • Word-of-mouth referrals

     • High profile interaction between the company's managers, and the customers.

5.3 Sales Strategy

     COMPANY NAME will be creating a website, advertising on TV commercials, broadcasting radio ads and advertising in the phone
     book. As previously mentioned, the company feels the name of the business will sell its self as well as tell the consumer what
     exactly COMPANY NAME is offering. Customers will either find the location on the internet or by advertisements and call and
     schedule an ultrasound appointment accordingly. There is virtually no competition for COMPANY NAME as no other company in the
     State of Montana is offering this service.

     The company will also see profit within the first year due to beneficial word-of-mouth advertising.

5.3.1 Sales Forecast

     As the following table shows, the company plans to deliver sales of approximately $221,071 in the first year, $232,126 in the second
     year, and $243,732 in the third year plan implementation.

Table: Sales Forecast

Sales Forecast
                                                                               2010                        2011             2012
Sales
Gender Only Package                                                         $22,918                  $24,064             $25,268
Bronze Package                                                              $70,185                  $73,695             $77,379
Gold Package                                                                $57,295                  $60,160             $63,168
Internet Special Package                                                    $70,673                  $74,207             $77,917
Total Sales                                                               $221,071                  $232,126            $243,732


Direct Cost of Sales                                                           2010                     2011                2012
Inventory                                                                   $12,504                  $13,129             $13,523
Film, Printing and Office Supplies                                          $12,504                  $13,129             $13,523


Subtotal Direct Cost of Sales                                               $25,008                  $26,258             $27,046




                                                                                      4.0 Market Analysis Summary 8
                                         COMPANY NAME BUSINESS PLAN 2010



                             Sales Monthly
$24,000

$21,000

$18,000
                                                                                      Gender Only Package
$15,000
                                                                                      Bronze Package
$12,000
                                                                                      Gold Package
 $9,000
                                                                                      Internet Special Package
 $6,000

 $3,000

    $0
                                               Jul
           Jan

                 Feb

                       Mar

                             Apr



                                         Jun




                                                                  Oct
                                   May




                                                     Aug

                                                           Sep



                                                                        Nov

                                                                              Dec

                             Sales by Year


$240,000

$210,000

$180,000                                                                              Gender Only Package

$150,000                                                                              Bronze Package

$120,000                                                                              Gold Package

 $90,000                                                                              Internet Special Package

 $60,000

 $30,000

     $0
                   2010                  2011                    2012




                                                                                    4.0 Market Analysis Summary 9
                                        COMPANY NAME BUSINESS PLAN 2010


5.4 Milestones

     COMPANY NAME 's detailed milestones are shown in the following table and chart. The related budgets are included with the
     expenses shown in the projected Profit and Loss statement, which is in the financial analysis that comes in Chapter 7 of this plan.

     One of the most important milestones for COMPANY NAME to accomplish is to establish a web presence. This particularly is
     indicated with the budget assigned for the website. A web presence is important to reach prospective clientele because, as there are
     no other services such as this in the state and the surrounding areas to date, clientele will be able to search out and find COMPANY
     NAME with ease and therefore have access to the company's services.

Table: Milestones

Milestones


Milestone                                 Start Date         End Date            Budget               Manager        Department
Equipment Expense                         6/18/2010        10/31/2010           $125,000                                 Owners
Advertising                               6/18/2010        12/31/2010            $25,000                                 Owners
Office Equipment and Supplies             6/18/2010        10/31/2010            $20,000                                 Owners
Website Design                            6/18/2010         10/1/2010            $10,000                                 Owners
Auto/Truck Expense                        6/18/2010         11/1/2010            $20,000                                 Owners


Totals                                                                          $200,000



6.0 Management Summary

     The two principals of COMPANY NAME , INSERT NAME, will be the supervising parties within the company to begin.

     As previously mentioned, INSERT NAME has also graduated with an Associate’s Degree in Nursing.

6.1 Personnel Plan

     As the Personnel Plan shows, the company plans to hire one fulltime Ultrasound Technician and Manager, two part-time Ultrasound
     Technicians and one accountant/bookkeeper. The two principals, INSERT NAME, will also be performing supervisor duties.

Table: Personnel

Personnel Plan
                                                                        2010                       2011                       2012
Bookkeeper                                                           $20,000                    $20,600                    $21,218
Fulltime Ultrasound Tech                                             $45,000                    $46,350                    $47,741
Part-time Ultrasound Tech                                            $50,000                    $51,500                    $53,045
Total People                                                                4                          4                          4


Total Payroll                                                       $115,000                   $118,450                   $122,004

                                                                                    4.0 Market Analysis Summary 10
                                            COMPANY NAME BUSINESS PLAN 2010



7.0 Financial Plan

     Pregnansee 4D, Inc.'s financial plan is based on conservative estimates and assumptions. The company will need to plan on initial
     investment made by the parent company to make the financials work. The financial and start-up success will depend on the success
     of grant funding awarded to the parent company.

7.1 Start-up Funding

     An approximately $500,000 loan will be obtained from the parent company will treat this as an asset on their records, it will be
     investing in COMPANY NAME.

     The funds received by COMPANY NAME will be used for the purchase of an ultrasound machine, payroll for four employees to start,
     office equipment and supplies and other start-up costs. The company will also operate from a building that will be owned by the
     parent company.

Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund                                                                                            $165,000
Start-up Assets to Fund                                                                                              $175,000
Total Funding Required                                                                                               $340,000

Assets
Non-cash Assets from Start-up                                                                                        $155,000
Cash Requirements from Start-up                                                                                       $20,000
Additional Cash Raised                                                                                                     $0
Cash Balance on Starting Date                                                                                         $20,000
Total Assets                                                                                                         $175,000



Liabilities and Capital

Liabilities
Current Borrowing                                                                                                           $0
Long-term Liabilities                                                                                                       $0
Accounts Payable (Outstanding Bills)                                                                                        $0
Other Current Liabilities (interest-free)                                                                                   $0

Total Liabilities                                                                                                           $0

Capital

Planned Investment
Owner                                                                                                                      $0
Investor                                                                                                                   $0
Additional Investment Requirement                                                                                    $340,000
Total Planned Investment                                                                                             $340,000

                                                                                 4.0 Market Analysis Summary 11
                                       COMPANY NAME BUSINESS PLAN 2010




Loss at Start-up (Start-up Expenses)                                                                             ($165,000)
Total Capital                                                                                                      $175,000


Total Capital and Liabilities                                                                                      $175,000

Total Funding                                                                                                      $340,000


7.2 Important Assumptions

     The following table shows the General Assumptions for COMPANY NAME.

7.3 Break-even Analysis

     The Break-even Analysis is based on the average of the first-year figures for total sales and by operating expenses. These are
     presented as revenue and fixed costs. These conservative assumptions make for a more accurate estimate of real risk.

Table: Break-even Analysis

Break-even Analysis



Monthly Revenue Break-even                                                                                            $16,199



Assumptions:

Average Percent Variable Cost                                                                                            11%

Estimated Monthly Fixed Cost                                                                                          $14,366




                                                                               4.0 Market Analysis Summary 12
                                   COMPANY NAME BUSINESS PLAN 2010



                                      Break-even Analysis
 $15,000

 $12,000

  $9,000

  $6,000

  $3,000

      $0

 ($3,000)

 ($6,000)

 ($9,000)

($12,000)


            $0            $6,000            $12,000       $18,000       $24,000       $30,000
                 $3,000            $9,000          $15,000       $21,000       $27,000       $33,000




                                                                           4.0 Market Analysis Summary 13
                                        COMPANY NAME BUSINESS PLAN 2010


7.4 Projected Profit and Loss

     As the Profit and Loss table shows, the company expects to continue its steady growth in profitability over the next three years of
     operations.

Table: Profit and Loss

Pro Forma Profit and Loss
                                                                          2010                    2011                    2012
Sales                                                                 $221,071                $232,126                $243,732
Direct Cost of Sales                                                   $25,008                 $26,258                 $27,046
Other Costs of Sales                                                        $0                      $0                      $0
Total Cost of Sales                                                    $25,008                 $26,258                 $27,046

Gross Margin                                                          $196,063                $205,868                $216,686
Gross Margin %                                                         88.69%                  88.69%                  88.90%



Expenses
Payroll                                                               $115,000                $118,450                $122,004
Marketing/Promotion                                                         $0                      $0                      $0
Depreciation                                                           $17,400                 $17,400                 $17,400
Rent                                                                        $0                      $0                      $0
Utilities                                                               $9,996                 $10,296                 $10,605
Insurance                                                              $20,004                 $20,604                 $21,222
Office Operations                                                       $9,996                 $10,296                 $10,605

Total Operating Expenses                                              $172,396                $177,046                $181,836

Profit Before Interest and Taxes                                       $23,667                  $28,822                 $34,850
EBITDA                                                                 $41,067                  $46,222                 $52,250
 Interest Expense                                                           $0                       $0                      $0
 Taxes Incurred                                                         $7,100                   $8,647                 $10,455

Net Profit                                                             $16,567                  $20,175                 $24,395
Net Profit/Sales                                                        7.49%                    8.69%                  10.01%




                                                                                  4.0 Market Analysis Summary 14
                               COMPANY NAME BUSINESS PLAN 2010



                                      Profit Monthly

 $5,000


 $4,000


 $3,000


 $2,000


 $1,000


     $0


($1,000)


           Jan   Feb     Mar   Apr   May   Jun    Jul   Aug   Sep    Oct   Nov   Dec




                                      Profit Yearly



$24,000

$21,000

$18,000

$15,000

$12,000

 $9,000

 $6,000

 $3,000

     $0
                  2010                     2011                     2012




                                                                4.0 Market Analysis Summary 15
                             COMPANY NAME BUSINESS PLAN 2010



                               Gross Margin Monthly
$22,000

$20,000

$18,000

$16,000

$14,000

$12,000

$10,000

 $8,000

 $6,000

 $4,000

 $2,000

    $0
           Jan   Feb   Mar   Apr     May   Jun    Jul   Aug   Sep    Oct   Nov   Dec




                                   Gross Margin Yearly



$210,000

$180,000

$150,000

$120,000

 $90,000

 $60,000

 $30,000

     $0
                   2010                    2011                     2012




                                                                4.0 Market Analysis Summary 16
                                        COMPANY NAME BUSINESS PLAN 2010


7.5 Projected Cash Flow

    As can be seen from the Cash Flow chart and table below, COMPANY NAME has a number of advantages that provide for a large
    amount of growth in the company's cash account. Furthermore, the custom nature of the business means that there is very
    little inventory cost to speak of or accounts payable. Finally, the company does not possess any debt or long term capital assets that
    would affect the cash flow.

Table: Cash Flow

Pro Forma Cash Flow
                                                                                   2010                  2011                   2012
Cash Received

Cash from Operations
Cash Sales                                                                    $221,071               $232,126               $243,732
Subtotal Cash from Operations                                                 $221,071               $232,126               $243,732

Additional Cash Received
Sales Tax, VAT, HST/GST Received                                                    $0                     $0                     $0
New Current Borrowing                                                               $0                     $0                     $0
New Other Liabilities (interest-free)                                               $0                     $0                     $0
New Long-term Liabilities                                                           $0                     $0                     $0
Sales of Other Current Assets                                                       $0                     $0                     $0
Sales of Long-term Assets                                                           $0                     $0                     $0
New Investment Received                                                       $500,000                     $0                     $0
Subtotal Cash Received                                                        $721,071               $232,126               $243,732

Expenditures                                                                       2010                  2011                   2012

Expenditures from Operations
Cash Spending                                                                 $115,000               $118,450               $122,004
Bill Payments                                                                  $70,583                $76,163                $79,860
Subtotal Spent on Operations                                                  $185,583               $194,613               $201,864

Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out                                                     $0                     $0                    $0
Principal Repayment of Current Borrowing                                             $0                     $0                    $0

Other Liabilities Principal Repayment                                                $0                     $0                    $0
Long-term Liabilities Principal Repayment                                            $0                     $0                    $0

Purchase Other Current Assets                                                  $20,000                     $0                     $0
Purchase Long-term Assets                                                     $145,000                     $0                     $0
Dividends                                                                           $0                     $0                     $0
Subtotal Cash Spent                                                           $350,583               $194,613               $201,864

Net Cash Flow                                                                 $370,488                $37,513                $41,868
Cash Balance                                                                  $390,488               $428,002               $469,870

                                                                                   4.0 Market Analysis Summary 17
                                     COMPANY NAME BUSINESS PLAN 2010




                                      Cash
 $600,000


 $500,000


 $400,000


 $300,000
                                                                                         Net Cash Flow

 $200,000                                                                                Cash Balance

 $100,000


       $0


($100,000)
                                                  Jul
             Jan

                   Feb

                         Mar

                               Apr




                                            Jun




                                                                    Oct
                                      May




                                                        Aug

                                                              Sep




                                                                          Nov

                                                                                Dec




                                                                                4.0 Market Analysis Summary 18
                                     COMPANY NAME BUSINESS PLAN 2010


7.6 Projected Balance Sheet

     The following table presents the Balance Sheet for COMPANY NAME

Table: Balance Sheet

Pro Forma Balance Sheet
                                                                   2010                2011             2012
Assets

Current Assets
Cash                                                           $390,488            $428,002         $469,870
Other Current Assets                                            $50,000             $50,000          $50,000
Total Current Assets                                           $440,488            $478,002         $519,870


Long-term Assets
Long-term Assets                                               $270,000            $270,000         $270,000
Accumulated Depreciation                                        $17,400             $34,800          $52,200
Total Long-term Assets                                         $252,600            $235,200         $217,800
Total Assets                                                   $693,088            $713,202         $737,670

Liabilities and Capital                                            2010                2011             2012


Current Liabilities
Accounts Payable                                                 $1,522              $1,459           $1,533
Current Borrowing                                                    $0                  $0               $0
Other Current Liabilities                                            $0                  $0               $0
Subtotal Current Liabilities                                     $1,522              $1,459           $1,533

Long-term Liabilities                                                $0                  $0               $0
Total Liabilities                                                $1,522              $1,459           $1,533


Paid-in Capital                                                 $840,000            $840,000         $840,000
Retained Earnings                                             ($165,000)          ($148,433)       ($128,258)
Earnings                                                         $16,567             $20,175          $24,395
Total Capital                                                   $691,567            $711,742         $736,137
Total Liabilities and Capital                                   $693,088            $713,202         $737,670

Net Worth                                                      $691,567            $711,742         $736,137




                                                                           4.0 Market Analysis Summary 19
                                          COMPANY NAME BUSINESS PLAN 2010


7.7 Business Ratios

     Business ratios for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial Classification (SIC
     Code 3845), Electromedical and Electrotherapeutic Apparatus, are shown for comparison.

Table: Ratios

Ratio Analysis
                                                                     2010               2011              2012           Industry Profile
Sales Growth                                                        0.00%              5.00%             5.00%                    7.21%

Percent of Total Assets
Other Current Assets                                               7.21%              7.01%              6.78%                  42.10%
Total Current Assets                                              63.55%             67.02%             70.47%                  75.10%
Long-term Assets                                                  36.45%             32.98%             29.53%                  24.90%
Total Assets                                                     100.00%            100.00%            100.00%                 100.00%

Current Liabilities                                                 0.22%             0.20%              0.21%                   32.25%
Long-term Liabilities                                               0.00%             0.00%              0.00%                   20.82%
Total Liabilities                                                   0.22%             0.20%              0.21%                   53.07%
Net Worth                                                          99.78%            99.80%             99.79%                   46.93%

Percent of Sales
Sales                                                            100.00%            100.00%            100.00%                 100.00%
Gross Margin                                                      88.69%             88.69%             88.90%                  34.39%
Selling, General & Administrative Expenses                        81.19%             80.00%             78.89%                  13.15%

Advertising Expenses                                                0.00%             0.00%              0.00%                    0.63%
Profit Before Interest and Taxes                                   10.71%            12.42%             14.30%                    3.41%

Main Ratios
Current                                                            289.51             327.52             339.13                     1.51
Quick                                                              289.51             327.52             339.13                     1.00
Total Debt to Total Assets                                         0.22%              0.20%              0.21%                   56.95%
Pre-tax Return on Net Worth                                        3.42%              4.05%              4.73%                   15.69%
Pre-tax Return on Assets                                           3.41%              4.04%              4.72%                    6.75%




                                                                                     4.0 Market Analysis Summary 20
                            COMPANY NAME BUSINESS PLAN 2010




Additional Ratios                         2010       2011        2012
Net Profit Margin                        7.49%      8.69%      10.01%               n.a
Return on Equity                         2.40%      2.83%       3.31%               n.a

Activity Ratios
Accounts Payable Turnover                 47.39      52.14      52.14               n.a
Payment Days                                  6          7          7               n.a
Total Asset Turnover                       0.32       0.33       0.33               n.a

Debt Ratios
Debt to Net Worth                          0.00       0.00       0.00               n.a
Current Liab. to Liab.                     1.00       1.00       1.00               n.a

Liquidity Ratios
Net Working Capital                    $438,967   $476,542   $518,337               n.a
Interest Coverage                          0.00       0.00       0.00               n.a

Additional Ratios
Assets to Sales                            3.14       3.07       3.03               n.a
Current Debt/Total Assets                   0%         0%         0%                n.a
Acid Test                                289.51     327.52     339.13               n.a
Sales/Net Worth                            0.32       0.33       0.33               n.a
Dividend Payout                            0.00       0.00       0.00               n.a




                                                   4.0 Market Analysis Summary 21
                                                                             Appendix

Table: Sales Forecast

Sales Forecast
                                         Jan      Feb       Mar       Apr         May       Jun        Jul       Aug           Sep           Oct           Nov           Dec
Sales
Gender Only Package                   $1,440    $1,512    $1,588    $1,667      $1,750    $1,838    $1,930     $2,026        $2,127        $2,233        $2,345        $2,462
Bronze Package                        $4,410    $4,630    $4,862    $5,105      $5,360    $5,628    $5,909     $6,204        $6,514        $6,840        $7,182        $7,541
Gold Package                          $3,600    $3,780    $3,969    $4,167      $4,375    $4,594    $4,824     $5,065        $5,318        $5,584        $5,863        $6,156
Internet Special Package              $4,440    $4,662    $4,895    $5,140      $5,397    $5,667    $5,950     $6,248        $6,560        $6,888        $7,232        $7,594
Total Sales                          $13,890   $14,584   $15,314   $16,079     $16,882   $17,727   $18,613    $19,543       $20,519       $21,545       $22,622       $23,753

Direct Cost of Sales                     Jan      Feb       Mar       Apr         May       Jun        Jul       Aug           Sep           Oct           Nov           Dec
Inventory                             $1,042    $1,042    $1,042    $1,042      $1,042    $1,042    $1,042     $1,042        $1,042        $1,042        $1,042        $1,042
Film, Printing and Office Supplies    $1,042    $1,042    $1,042    $1,042      $1,042    $1,042    $1,042     $1,042        $1,042        $1,042        $1,042        $1,042
Subtotal Direct Cost of Sales         $2,084    $2,084    $2,084    $2,084      $2,084    $2,084    $2,084     $2,084        $2,084        $2,084        $2,084        $2,084




Table: Personnel

Personnel Plan
                                       Jan       Feb        Mar       Apr         May        Jun        Jul       Aug            Sep            Oct           Nov           Dec
Bookkeeper                           $1,663    $1,667    $1,667    $1,667       $1,667    $1,667     $1,667     $1,667        $1,667         $1,667        $1,667        $1,667
Fulltime Ultrasound Tech             $3,750    $3,750    $3,750    $3,750       $3,750    $3,750     $3,750     $3,750        $3,750         $3,750        $3,750        $3,750
Part-time Ultrasound Tech            $4,163    $4,167    $4,167    $4,167       $4,167    $4,167     $4,167     $4,167        $4,167         $4,167        $4,167        $4,167
Total People                             4          4         4         4            4         4         4              4             4             4             4             4


Total Payroll                        $9,576    $9,584    $9,584    $9,584       $9,584    $9,584     $9,584     $9,584        $9,584         $9,584        $9,584        $9,584




                                                                                                                                                                          Page 1
                                                                               Appendix

Table: Profit and Loss

Pro Forma Profit and Loss
                                             Jan        Feb        Mar        Apr      May        Jun        Jul       Aug       Sep       Oct       Nov       Dec
Sales                                    $13,890    $14,584    $15,314    $16,079   $16,882   $17,727   $18,613    $19,543   $20,519   $21,545   $22,622   $23,753
Direct Cost of Sales                      $2,084     $2,084     $2,084     $2,084    $2,084    $2,084    $2,084     $2,084    $2,084    $2,084    $2,084    $2,084
Other Costs of Sales                          $0         $0         $0         $0        $0        $0        $0         $0        $0        $0        $0        $0
Total Cost of Sales                       $2,084     $2,084     $2,084     $2,084    $2,084    $2,084    $2,084     $2,084    $2,084    $2,084    $2,084    $2,084

Gross Margin                             $11,806    $12,500    $13,230    $13,995   $14,798   $15,643   $16,529    $17,459   $18,435   $19,461   $20,538   $21,669
Gross Margin %                           85.00%     85.71%     86.39%     87.04%    87.66%    88.24%    88.80%     89.34%    89.84%    90.33%    90.79%    91.23%



Expenses
Payroll                                   $9,576     $9,584     $9,584     $9,584    $9,584    $9,584    $9,584     $9,584    $9,584    $9,584    $9,584    $9,584
Marketing/Promotion                           $0         $0         $0         $0        $0        $0        $0         $0        $0        $0        $0        $0
Depreciation                              $1,450     $1,450     $1,450     $1,450    $1,450    $1,450    $1,450     $1,450    $1,450    $1,450    $1,450    $1,450
Rent                                          $0         $0         $0         $0        $0        $0        $0         $0        $0        $0        $0        $0
Utilities                                   $833       $833       $833       $833      $833      $833      $833       $833      $833      $833      $833      $833
Insurance                          15%    $1,667     $1,667     $1,667     $1,667    $1,667    $1,667    $1,667     $1,667    $1,667    $1,667    $1,667    $1,667
Office Operations                           $833       $833       $833       $833      $833      $833      $833       $833      $833      $833      $833      $833

Total Operating Expenses                 $14,359    $14,367    $14,367    $14,367   $14,367   $14,367   $14,367    $14,367   $14,367   $14,367   $14,367   $14,367

Profit Before Interest and Taxes         ($2,553)   ($1,867)   ($1,137)    ($372)      $431    $1,276    $2,162     $3,092    $4,068    $5,094    $6,171    $7,302
EBITDA                                   ($1,103)     ($417)       $313    $1,078    $1,881    $2,726    $3,612     $4,542    $5,518    $6,544    $7,621    $8,752
 Interest Expense                              $0         $0         $0        $0        $0        $0        $0         $0        $0        $0        $0        $0
 Taxes Incurred                            ($766)     ($560)     ($341)    ($112)      $129      $383      $649       $928    $1,220    $1,528    $1,851    $2,191

Net Profit                               ($1,787)   ($1,307)     ($796)    ($260)     $302      $893     $1,513     $2,164    $2,848    $3,566    $4,320    $5,111
Net Profit/Sales                         -12.87%     -8.96%     -5.20%    -1.62%     1.79%     5.04%     8.13%     11.08%    13.88%    16.55%    19.10%    21.52%




                                                                                                                                                              Page 2
                                                                                     Appendix

Table: Cash Flow

Pro Forma Cash Flow
                                                       Jan       Feb       Mar       Apr       May       Jun        Jul      Aug        Sep         Oct          Nov        Dec
Cash Received

Cash from Operations
Cash Sales                                          $13,890   $14,584   $15,314   $16,079   $16,882   $17,727   $18,613   $19,543    $20,519    $21,545      $22,622     $23,753
Subtotal Cash from Operations                       $13,890   $14,584   $15,314   $16,079   $16,882   $17,727   $18,613   $19,543    $20,519    $21,545      $22,622     $23,753

Additional Cash Received
Sales Tax, VAT, HST/GST Received            0.00%        $0        $0        $0        $0        $0        $0        $0        $0         $0         $0           $0          $0
New Current Borrowing                                    $0        $0        $0        $0        $0        $0        $0        $0         $0         $0           $0          $0
New Other Liabilities (interest-free)                    $0        $0        $0        $0        $0        $0        $0        $0         $0         $0           $0          $0
New Long-term Liabilities                                $0        $0        $0        $0        $0        $0        $0        $0         $0         $0           $0          $0
Sales of Other Current Assets                            $0        $0        $0        $0        $0        $0        $0        $0         $0         $0           $0          $0
Sales of Long-term Assets                                $0        $0        $0        $0        $0        $0        $0        $0         $0         $0           $0          $0
New Investment Received                                  $0        $0        $0        $0        $0        $0        $0        $0   $500,000         $0           $0          $0
Subtotal Cash Received                              $13,890   $14,584   $15,314   $16,079   $16,882   $17,727   $18,613   $19,543   $520,519    $21,545      $22,622     $23,753

Expenditures                                           Jan       Feb       Mar       Apr       May       Jun        Jul      Aug        Sep         Oct          Nov        Dec

Expenditures from Operations
Cash Spending                                        $9,576    $9,584    $9,584    $9,584    $9,584    $9,584    $9,584    $9,584     $9,584     $9,584       $9,584      $9,584
Bill Payments                                        $3,721    $4,816    $5,032    $5,259    $5,498    $5,749    $6,012    $6,289     $6,579     $6,884       $7,204      $7,540
Subtotal Spent on Operations                        $13,297   $14,400   $14,616   $14,844   $15,082   $15,333   $15,596   $15,873    $16,163    $16,468      $16,788     $17,124

Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out                         $0        $0        $0        $0        $0        $0        $0        $0         $0         $0           $0          $0
Principal Repayment of Current Borrowing                 $0        $0        $0        $0        $0        $0        $0        $0         $0         $0           $0          $0
Other Liabilities Principal Repayment                    $0        $0        $0        $0        $0        $0        $0        $0         $0         $0           $0          $0
Long-term Liabilities Principal Repayment                $0        $0        $0        $0        $0        $0        $0        $0         $0         $0           $0          $0
Purchase Other Current Assets                            $0        $0        $0        $0        $0        $0        $0        $0         $0    $20,000           $0          $0
Purchase Long-term Assets                                $0        $0        $0        $0        $0        $0        $0        $0         $0         $0     $145,000          $0
Dividends                                                $0        $0        $0        $0        $0        $0        $0        $0         $0         $0           $0          $0
Subtotal Cash Spent                                 $13,297   $14,400   $14,616   $14,844   $15,082   $15,333   $15,596   $15,873    $16,163    $36,468     $161,788     $17,124

Net Cash Flow                                          $593      $184      $698    $1,236    $1,800    $2,394    $3,017    $3,670   $504,356   ($14,923)   ($139,166)     $6,629
Cash Balance                                        $20,593   $20,777   $21,475   $22,711   $24,511   $26,905   $29,921   $33,591   $537,947   $523,025      $383,859   $390,488



                                                                                                                                                                             Page 3
                                                                                   Appendix

Table: Balance Sheet

Pro Forma Balance Sheet
                                                   Jan        Feb        Mar         Apr       May        Jun         Jul       Aug        Sep         Oct       Nov        Dec
Assets                     Starting Balances

Current Assets
Cash                                $20,000     $20,593    $20,777    $21,475    $22,711    $24,511    $26,905    $29,921    $33,591   $537,947   $523,025   $383,859   $390,488
Other Current Assets                $30,000     $30,000    $30,000    $30,000    $30,000    $30,000    $30,000    $30,000    $30,000    $30,000    $50,000    $50,000    $50,000
Total Current Assets                $50,000     $50,593    $50,777    $51,475    $52,711    $54,511    $56,905    $59,921    $63,591   $567,947   $573,025   $433,859   $440,488

Long-term Assets
Long-term Assets                  $125,000     $125,000   $125,000   $125,000   $125,000   $125,000   $125,000   $125,000   $125,000   $125,000   $125,000   $270,000   $270,000
Accumulated Depreciation                $0       $1,450     $2,900     $4,350     $5,800     $7,250     $8,700    $10,150    $11,600    $13,050    $14,500    $15,950    $17,400
Total Long-term Assets            $125,000     $123,550   $122,100   $120,650   $119,200   $117,750   $116,300   $114,850   $113,400   $111,950   $110,500   $254,050   $252,600
Total Assets                      $175,000     $174,143   $172,877   $172,125   $171,911   $172,261   $173,205   $174,771   $176,991   $679,897   $683,525   $687,909   $693,088




                                                                                                                                                                         Page 4
                                                                                         Appendix


Liabilities and Capital                  Jan          Feb          Mar          Apr         May           Jun           Jul        Aug           Sep          Oct          Nov          Dec

Current Liabilities
Accounts
                             $0         $930         $971       $1,015       $1,061       $1,109       $1,160       $1,213       $1,269       $1,327       $1,389       $1,454       $1,522
Payable
Current
                             $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0
Borrowing
Other Current
                             $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0
Liabilities
Subtotal Current
                             $0         $930         $971       $1,015       $1,061       $1,109       $1,160       $1,213       $1,269       $1,327       $1,389       $1,454       $1,522
Liabilities

Long-term
                             $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0
Liabilities
Total Liabilities            $0         $930         $971       $1,015       $1,061       $1,109       $1,160       $1,213       $1,269       $1,327       $1,389       $1,454       $1,522

Paid-in Capital        $340,000     $340,000     $340,000     $340,000     $340,000     $340,000     $340,000     $340,000     $340,000     $840,000     $840,000     $840,000     $840,000
Retained
                      ($165,000)   ($165,000)   ($165,000)   ($165,000)   ($165,000)   ($165,000)   ($165,000)   ($165,000)   ($165,000)   ($165,000)   ($165,000)   ($165,000)   ($165,000)
Earnings
Earnings                     $0      ($1,787)     ($3,094)     ($3,890)     ($4,150)     ($3,849)     ($2,955)     ($1,442)        $722       $3,570       $7,136      $11,456      $16,567
Total Capital          $175,000     $173,213     $171,906     $171,110     $170,850     $171,151     $172,045     $173,558     $175,722     $678,570     $682,136     $686,456     $691,567
Total Liabilities
                       $175,000     $174,143     $172,877     $172,125     $171,911     $172,261     $173,205     $174,771     $176,991     $679,897     $683,525     $687,909     $693,088
and Capital

Net Worth              $175,000     $173,213     $171,906     $171,110     $170,850     $171,151     $172,045     $173,558     $175,722     $678,570     $682,136     $686,456     $691,567




                                                                                                                                                                                   Page 5
                                                               Appendix

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